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Crypto treasuries slow down 🐌
Corporate crypto accumulation has plunged over the last two months, which analysts say is contributing to softer prices.
Andrew Hayward
September 27, 2025
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📝 What you need to know
The digital asset treasury craze has dominated crypto news for months, but look beyond the headlines and there are clear signs that momentum is cooling.
Much less Bitcoin has been purchased by crypto treasuries in August and September (so far) combined than in July, while many treasury stock surges have faded. That waning corporate demand has undoubtedly contributed to softer crypto prices of late, with the historic “Red September” trend finally taking hold after a strong start.
Analysts told Decrypt that market volatility is likely to remain elevated without massive treasury purchases to prop it up, but that doesn’t necessarily mean bad news ahead. Gerry O’Shea, Hashdex’s head of global market insights, still believes that Bitcoin could surge to a record $140,000 or more by year’s end.
"Corporate treasury adoption will remain a big part of this demand, even as many of these publicly traded companies face near-term headwinds from volatility and scrutiny from investors regarding their specific strategies," he said.
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💬 Quote of the Day
"When treasuries stop buying, it removes an important demand floor and undermines confidence in the balance-sheet-as-strategy narrative.”
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